Signet Jewelers is executing a carefully planned succession strategy, replacing outgoing CEO Gina Drosos with in-coming CEO J.K. Symancyk from PetSmart.

Signet Jewelers Limited (NYSE:SIG) announced that Virginia Drosos is planning to retire on November 4 as Chief Executive Officer and as a member of the board of directors. Following her retirement, Drosos will continue as an advisor through the end of the company's fiscal year to support a smooth transition.

PetSmart President and CEO J.K. Symancyk has left the company effective immediately, after over six years with the retailer, according to a Monday announcement. Symancyk also left his position on the board.

Her successor as CEO: J.K. Symancyk, who on Monday, Sept. 30, stepped down as CEO of pet-supplies retailer PetSmart Inc. Symancyk also will join the Signet board. Drosos will serve as an adviser through the end of Signet's fiscal year "to support a smooth transition," the company said.

J.K. Symancyk is stepping down as President and CEO of PetSmart to succeed Virginia "Gina" Drosos as CEO of Signet Jewelers.

Signet Jewelers Limited, the parent company of Ernest Jones and H. Samuel in the UK, has announced that Gina Drosos, its CEO for the past seven years, is retiring. She will be replaced by J.K. Symancy from November 4 following what is described as a thoughtful succession and search process.

Zales and Kay Jewelers owner Signet Jewelers Ltd. is bringing on J.K. Symancyk, the chief executive officer of PetSmart Inc., to replace the retailer’s retiring head Gina Drosos.

Shares of Signet Jewelers traded sharply lower after the jewelry company announced CEO Virginia Drosos would be retiring on Nov. 4. Signet appointed J.K. Symancyk, who most recently served as the chief executive of PetSmart,

Signet Jewelers, the world’s largest retailer of diamond jewelry, said Tuesday that Virginia “Gina” C. Drosos is planning to retire as chief executive officer and as a member of the board of directors.